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You are here: Home / Community / Business News Bits / Cleveland-Cliffs Inc. completes purchase of ArcelorMittal USA

Cleveland-Cliffs Inc. completes purchase of ArcelorMittal USA

December 10, 2020 – By Larry Avila

ArcelorMittal
The steel stop at ArcelorMittal Indiana Harbor in East Chicago is the company’s largest integrated mill in the U.S. (Photo provided by ArcelorMittal)

Steelmaker Cleveland-Cliffs Inc. announced Dec. 9 it closed its $1.4 billion purchase of ArcelorMittal USA LLC.

Cleveland-Cliffs said previously that the addition of ArcelorMittal USA’s operations creates “the largest flat-rolled steel producer in North America.” The deal was announced in late September.

“The acquisition by Cleveland-Cliffs of ArcelorMittal USA, boosted by our buyout of Nippon Steel from the I/N Tek and I/N Kote joint ventures, opens a new chapter in the history of the steel business in the United States,” said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs Inc. “The assets we have acquired will be combined with our existing footprint, including AK Steel, Precision Partners, AK Tube, several mining and pelletizing facilities, our Research & Development Center, and the most modern Direct Reduction plant in the world, which we have just started to operate in Toledo, Ohio.”

Under the terms of the sale, ArcelorMittal received $505 million cash, 78 million shares of Cleveland-Cliffs common stock and non-voting preferred stock, which is redeemable for approximately 58 million shares of Cleveland-Cliffs common stock or an equivalent amount in cash.  

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Larry Avila
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Larry Avila
Larry is an award-winning journalist with more than 25 years of experience working with daily newspapers and business-to-business publications around the Midwest. Avila is a Michigan native and a graduate of Central Michigan University.
Larry Avila
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Filed Under: Business News Bits, Steel Tagged With: ArcelorMittal USA, Around the Region, business acquisition, Cleveland-Cliffs Inc., steelmaking

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